News

INM to sell Abbey Street premises

INDEPENDENT News & Media (INM) is selling its landmark premises on Middle Abbey Street. In the latest phase of its cash-raising programme, the company has written to property developers and neighbouring retailers asking them to bid for the double-fronted building in Dublin’s city centre by next Friday, writes Tom McEnaney.

The building, which is expected to be redeveloped for retail use, is likely to attract bids in the region of €25m.

In a letter to potential buyers, Hamilton Osborne King, an estate agent acting for INM, said it was only interested in offers that came without conditions. Market sources said this suggests the company wants a quick sale.

The Middle Abbey Street sale is seen as part of a drive to reduce INM’s onerous debt levels. Net debt reached €1.3 billion last year after an expensive acquisition spree.

The sale of the company’s city base could cause industrial relations problems.